The difference between a specialized bank and a traditional one is that the first one has a limitation in the provision of specific services. Thus, a specialized bank cannot manage investments or pension funds, carry out brokerage operations with securities, advise on investments and provide some other similar services.
For the rest, the activities of a specialized bank do not much differ from the traditional one. Services that may be provided by an institution holding a license of a specialized bank:
- Various payment services;
- Currency exchange;
- Lending, financial leasing;
- Acceptance of deposits and other financial services.
A specialized bank license in Lithuania has a number of advantages.
First of all, authorized capital of a Lithuanian specialized bank is 1 million euros, while a traditional bank must have capital of 5 million euros. The license of the Lithuanian specialized bank has no analogues in the EU territory.
Secondly, the license obtained on the territory of Lithuania makes it possible to provide services throughout the European Union without additional licensing..
Thirdly, the license makes it possible to connect to the Single Euro Payments Area.
The term for obtaining a license does not exceed 6 months.
As in the case of a traditional bank, deposits up to 100 000 euros are insured under the EU deposit insurance system.
Lithuanian regulation is aimed at supporting business, especially in the field of fintech, therefore, the costs for opening such a company are lower here, and the terms for obtaining licenses are shorter.
Do you wish to obtain a banking license and operate in the EU territory? Contact us and get professional consultation.
- Preparation of documents for obtaining a license of a specialized bank;
- Registration of a company in Lithuania, with all the necessary documents;
- Accounting, preparation of the necessary reports for your company for regulatory authorities;
- Lawyer consulting;- Preparation and conduct of audit.